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ICICI Securities Report
Thyrocare Technologies Ltd. reported slower recovery in non-Covid-19 business in Q3 FY21 and contribution from Covid-19 has also declined considerably.
Revenue grew 30.7% YoY to Rs 1.4 billion (our estimate Rs 1.5 billion). Ebitda margin dropped 550 basis points YoY (down 450 basis points QoQ) to 35.9% (our estimate 39.3%).
The company conducted 0.45 million Covid-19 tests which contributed approximately 24% to total sales in Q3 FY21.
Regular pathology business witnessed a volume decline of 5.6% in the number of samples but improved sequentially with easing of lockdown.
The performance had been below estimates, though base business is gradually recovering.
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